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SEGMENT INFORMATION
 12 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION

NOTE 14 – SEGMENT INFORMATION

 

The Company operates in three reportable segments: (i) Hotel Operations (“the Hilton San Francisco District and its five-level parking garage), (ii) Real Estate Operations (the multifamily and commercial rental portfolio), and (iii) Investment Transactions (investment of cash in marketable securities and other investments). CODM is a group of senior executives who collectively use these segments to evaluate performance and allocates resources.

 

Segment results are evaluated using segment income (loss) from operations, which reflects revenues from external customers less segment operating expenses. This measure excludes interest expense, depreciation and amortization, gains/losses on extinguishment of debt, investment gains/losses, and income taxes, which are shown separately below. There are no intersegment revenues. “Other” consists primarily of unallocated corporate general and administrative costs and income taxes.

 

All long-lived assets and revenues are attributable to operations in the United States.

 

  Hotel   Real Estate   Investment         
As of and for the year ended June 30, 2025  Operations   Operations   Transactions   Other   Total 
Revenues  $46,363,000   $18,015,000   $-   $-   $64,378,000 
Operating expenses   (31,593,000)   (4,158,000)   -    -    (35,751,000)
Utilities   (3,210,000)   (1,339,000)   -    -    (4,549,000)
Real estate taxes   (1,912,000)   (2,241,000)   -    -    (4,153,000)
Insurance   (916,000)   (1,812,000)   -    -    (2,728,000)
General and administrative   -    -    -    (2,930,000)   (2,930,000)
Segment income (loss) from operations   8,732,000    8,465,000    -    (2,930,000)   14,267,000 
Interest expense - mortgages   (10,680,000)   (2,876,000)   -    -    (13,556,000)
Gain on extinguishment of debt   1,416,000    -    -    -    1,416,000 
                          
Depreciation and amortization expense   (3,634,000)   (2,990,000)   -    -    (6,624,000)
Loss from investments   -    -    (2,502,000)   -    (2,502,000)
Income tax benefit   -    -    -    (548,000)   (548,000)
Net (loss) income  $(4,166,000)  $2,599,000   $(2,502,000)  $(3,478,000)  $(7,547,000)
Total assets  $52,357,000   $45,253,000   $969,000   $5,522,000   $104,101,000 

 

 

  Hotel     Real Estate     Investment              
As of and for the year ended June 30, 2024   Operations     Operations     Transactions     Other     Total  
Revenues   $ 41,886,000     $ 16,254,000     $ -     $ -     $ 58,140,000  
Operating expenses     (30,363,000)       (4,154,000)       -       -       (34,517,000)  
Utilities     (3,069,000)       (1,218,000)       -       -       (4,287,000)  
Real estate taxes     (1,906,000)       (2,236,000)       -       -       (4,142,000)  
Insurance     (801,000)       (2,228,000)       -       -       (3,029,000)  
General and administrative     -       -       -       (4,391,000 )     (4,391,000)  
Segment income (loss) from operations     5,747,000       6,418,000       -       (4,391,000 )     7,774,000  
Interest expense - mortgage     (9,407,000 )     (2,600,000 )     -       -       (12,007,000)  
Loss on extinguishment of debt     -       -       -       (453,000)       (453,000)  
Depreciation and amortization expense     (3,494,000 )     (2,826,000 )     -       -       (6,320,000)  
Loss from investments     -       -       (1,633,000)       -       (1,633,000)  
Income tax benefit     -       -       -       83,000       83,000  
Net (loss) income   $ (7,154,000 )   $ 992,000     $ (1,633,000)     $ (4,761,000 )   $ (12,556,000 )
Total assets   $ 46,694,000     $ 47,542,000     $ 7,454,000     $ 6,121,000     $ 107,811,000